According to a new market report published by Transparency Market Research "Interventional Cardiology Devices Market - Global Industry Analysis, Size, Share, Trends and Forecast, 2012 - 2018," the global market for interventional cardiology devices was calculated at USD 15.8 billion in 2011 and is expected to grow at a CAGR of 6.8% from 2012 to 2018 to reach an estimated valued of USD 25.2 billion in 2018.
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The growth of the market is driven by factors such as rising incidences of cardiovascular diseases, increasing demand for minimally invasive procedures, rising number of interventional cardiologists and global aging population. The Asian region offers future growth opportunities owing to the presence of a high degree of unmet medical needs and rising disposable incomes of the consumers. Technological advancements in the field such as the invention of bio-absorbable stents and emerging applications of interventional cardiology in the field of hypertension, LAA occlusion etc., will also fuel the future growth of the market.
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The global stents market held majority of the market share in 2011 and is also the fastest growing segment of the market. Its high growth is justified by the advent of revolutionary products like bio-absorbable stents. Bio-absorbable stents and drug eluting stents will reduce the incidences of restenosis significantly and this serves these segments as growth drivers. The global PTCA balloons market will also experience a rapid growth rate during the forecast period, owing to the introduction of scoring balloons in 2012.
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The North American interventional cardiology devices market held majority of the market share in 2011 owing to the developed economies of the U.S. and Canada. Patients in the U.S. and Canada have high disposable incomes and have high awareness levels, and such a fact acts in favor of the market. The Asian interventional cardiology devices market is the most lucrative region owing to the rise in the disposable incomes of the consumers belonging to emerging nations such as India and China and the presence of high degree of unmet medical needs.
Some of the key players in the market are Abbott Laboratories, Boston Scientific Group, Johnson and Johnson, Terumo Medical and Medtronic Inc.